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Lawmakers Look to States for Tougher Company Ownership Disclosure Rules
By Matt Squire
printA federal bill that would require greater disclosure of company ownership will be ineffective as a tool against money laundering and other crimes unless states adopt tougher incorporation laws, according to anti-money laundering (AML) experts. The measure, introduced Feb. 17 in the U.S. Senate, would require company formation agents, which help incorporate businesses, to comply with Bank Secrecy Act (BSA) rules for customer identification and AML programs. But the proposal would do little to help money laundering investigations because such agents usually aren't needed to incorporate a business, and company ownership information requirements in most states are minimal, according to...
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